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AUDUSD : Testing Key Resistance at .9328

AUD today seems stronger against USD and currently testing the key resistance at .9328. The currency added gains after the mixed report on durable goods orders. However there was not much surge, seems like investors are waiting for Consumer Confidence data. The official data from Census Bureau showed that the orders for US durable goods increased by 22.6% in July because of an increase in contracts for Boeing Co. aircrafts however fell for most other industries. The core durable goods which excludes transportation items and gives a more clear picture declined by .8% as compared to the economist’s expectation for an increase of .5%.

AUDUSD : Daily Chart

On the daily chart, AUDUSD seems to be following a falling channel pattern. Currently it is testing resistance at .9328. 

AUDUSD : Daily Chart

For short term the pair seems to be trading within a symmetrical triangle and might break out above the resistance trend line. If the pair breaks out it will again find resistance from the resistance trend line of the channel as shown above so the gain seems limited. Breaking above the 50 day SMA will only bring the bullish bias on the pair back.